Waystar Launches Price Transparency Solutions to Meet Consumer Demand
What You Should Know:
– Waystar , a provider of healthcare payments software, today announced the addition of the Text Statements feature to its suite of payment tools. This new solution enables patients to easily view and pay medical bills directly from their smartphone, bringing transparency and convenience to the patient financial experience – a long-standing focus for Waystar.
– Patients frequently don’t know what they’ll owe weeks, if not months after the point of care, If patients don’t have easy ways to submit payment, they may delay or not pay at all. A recent Waystar survey found that over half of patients have been late paying a medical bill. In the past year as patient payment preferences continue to shift to digital channels, online and mobile payment volume grow three times as fast as in-office payments on the Waystar platform. By offering the ability to access statements and pay via a mobile device, providers can increase patient payments by 10% to 30%.
– In addition to launching text statements, Waystar also announced it has expanded use of its Price Transparency solution to now nearly 300 health system and hospital care facilities. Before the CMS price transparency mandate went into effect, Waystar built its Price Transparency solution on its highly accurate eligibility platform to help patients make better informed decisions about care. With the mandate in effect since the beginning of this year, Waystar meets the 300 shoppable services requirement and provides consumers a user-friendly shopping experience on the web or from a smart device.
– Waystar currently handles over $3 billion in patient payments, with more than 35 million credit cards on file and nearly 125,000 active patient payment plans.